Puma SE

PUM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Puma Earnings: Signs of Progress Include Unexpected Profit; Shares Attractive

David Swartz

May 1, 2026

Puma's first-quarter currency-adjusted sales fell 1% overall but rose 6% in the Americas. Its gross margin increased 60 basis points to 47.7% due, in part, to a reversal of inventory reserves. Its adjusted EBIT margin rose to 3.5% from 3.1% on gross margin improvement and expense cuts.

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Puma SE

Puma Earnings: Signs of Progress Include Unexpected Profit; Shares Attractive

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